As a financial adviser for small businesses, here's how I recommend struggling owners cope with the COVID-19 crisis.
The coronavirus pandemic appears like it's going to be a game changer, not only for society and the general business world in general, but particularly for small businesses and entrepreneurs.
Historically, the SBA has issued loans in emergency situations, often in times of natural disasters. It should be noted that these loans are a bit out of the norm for the SBA. Usually, the SBA only backs the loans; in this case, they are issued directly by the government, not the banks. A village parking lot in the downtown business district is deserted on March 20 in Oak Park, Illinois.Say you're applying for a loan of up to $350,000—a significant loan for a small business. Assuming you have the historic cash flow needed to support the payments, you're likely to land a loan with a 6 percent interest rate that will amortize over 10 years. Not only are the terms generous , but a lien will not be taken out on your house.
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